The embattled chief executive of Deutsche Bank's asset manager DWS said on Wednesday he would step down next week, as the company faced allegations of misleading investors about "green" investments.
The move marks a key moment in an ongoing saga that has dogged the firm for months and reached a high pitch on Tuesday, when German prosecutors raided DWS and the headquarters of Deutsche Bank over the allegations.
The outgoing CEO, Asoka Woehrmann, told employees in a memo that it was a joy to see DWS flourish but that "allegations..., however unfounded or undefendable, have left a mark."
"To quote Charles Dickens: it was the best of times, it was the worst of times," he said in the memo, which was seen by Reuters.
Stefan Hoops, a confidant of Deutsche Bank CEO Christian Sewing, will replace Woehrmann with effect from June 10.
DWS and Deutsche Bank said on Tuesday the asset manager had cooperated with regulators and authorities in the past and would continue to do so. DWS repeated its denial that it had misled investors.
Woehrmann resigned as CEO of DWS Group with effect from the end of June 9, the day of its annual general meeting.
Hoops has been overseeing Deutsche Bank's corporate banking division since 2019.